Fremont’s Subprime Platform Collapses; FDIC Steps In

In the event that an FDIC-insured bank suffers a disastrous event – like many did when risky lending led to the widespread collapse of financial institutions in 2008 – the FDIC can step in and help out. Effectively, the FDIC uses its funds – held in the DIF, or deposit insurance fund – to help ensure that depositors don’t lose theirs.

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That’s why we’re excited to be hosting Kathleen Engel at an event tomorrow. Along with Patricia McCoy, she is the author of The Subprime virus: reckless credit, Regulatory Failure, and Next Steps. The book offers a detailed account of how the world of mortgage finance shook the American and global economies to their core.

Added to that is the collapse of financial giants. First there was the bailout of Bear Stearns. A week ago there was the government takeover of Fannie Mae and Freddie Mac. Now it’s a decision not to.

The subprime mortgage crisis was also caused by deregulation. In 1999, the banks were allowed to act like hedge funds. They also invested depositors’ funds in outside hedge funds. That’s what caused the Savings and Loan Crisis in 1989. Many lenders spent millions of dollars to lobby state legislatures to relax laws.

LONDON (Reuters) – Experience shows financial crises escalate very rapidly, and need a swift and decisive response from policymakers to break the cycle of panic. Time to reflect, craft thoughtful.

The FDIC’s definition for assessing subprime is changing. The FDIC has proposed a new rule that will change the way large lenders define and calculate risk for their FDIC Deposit Insurance Assessment. The revised definitions in the proposed rule rely on "probability of default" and eliminate all references to the traditional three-digit credit score.

New Definition of Higher-Risk Consumer Loans and Securities. formerly known as Subprime: FDIC Risk-Based Assessment System for Large Insured Depository Institutions. In February 2011, the FDIC published a new method for assessing higher-risk loans at large banks with more than $10 billion in assets.

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